Fast bankruptcy home sales are another category of cash sales we can facilitate for our clients in Kansas City. This is an important topic for folks who are considering bankruptcy, or are already experiencing one. We’ll show you what home selling is like before, during, and after bankruptcy.
Why Homeowners Pursue Fast Bankruptcy Home Sales
With bankruptcy and home sales, how you proceed depends a lot on the type. We receive a decent call volume from people who want to sell their home within the framework of a bankruptcy.
If this happens, the home in question has to have some kind of value, and the bankruptcy court will have to approve it. The value of the home must meet the criteria for filing bankruptcy. This entire process is a coordination between the homeowner, bankruptcy court, and a third-party buyer (i.e., KC Property Guys).
Two Common Scenarios
Most of our bankruptcy calls involve one of two scenarios:
- Folks who are thinking about bankruptcy along with leveraging their home value to get through it.
- Homeowners who are finishing bankruptcy proceedings and need to use the equity to pay for it.
Many times, the home itself was a major contributor to the bankruptcy. It’s possible, for example, to over-buy into a home, experience a job loss or other hardship, and lose the means to pay the mortgage. It doesn’t take long to spiral into severe debt and financial turmoil that way.
When The Home Is or Is Not Part of the Bankruptcy
If the home is not part of the bankruptcy, then you always have the right to sell it and use the equity to pay for it. If it is included in the bankruptcy, then you must ensure that you can sell the property and apply the equity (typically 20-25% of the home value) to the bankruptcy.
Once you’ve done that, and the court approves, you can either sell to a cash buyer, like KC Property Guys, or through a normal realtor. You can also utilize quick sales and other tactics to lift you out of a jam.
The neat thing about the cash sales option is that there is a lot of flexibility. We can actually lease the home back to you, whereas a realtor will force you out of the home entirely. KC Property Guys can let you remain in your home and establish flexible closing dates on home sales.
If you are moving, you can also leave some of your possessions behind, and we’ll adopt them. This is a common choice sellers like to make, which is unavailable when you sell through a realtor.
More Tips for Selling During a Bankruptcy
You may recall one of our previous articles where we offered 4 tips for selling your house if you are facing bankruptcy.
Here’s a quick reminder of those smart strategies:
- Don’t wait until you’re evicted to do something. Time is of the essence and many courts and lenders will work with you if they see you’re trying to rectify what got you into bankruptcy.
- Find a reputable cash buyer if you want to sell. The normal real-estate route may take too long to work in pressing circumstances like these.
- Seek financial help before making any major decision. If nothing else, you should at least approach your creditor to see whether they’ll work with you over repayment flexibility.
Contact KC Property Guys for Help with Fast Bankruptcy Home Sales
KC Property Guys wants to help you out a mess as much as possible with flexible home sales solutions. Whether you want to sell and lease the home from us, or let us do a quick sale, there are plenty of options.
We surpass the competition in Kansas City because we put the customer first rather than simply chasing sales volume. If you’d rather work with a legitimate cash buyer rather than a wholesale company, then we hope you’ll consider us.
Contact KC Property Guys anytime to learn about fast bankruptcy home sales and how to leverage your home equity to get out of trouble for good.